23rd June, 2021 – Daily News

Topics covered – Pollution Control Vessels, trilateral partnership in the Indo-Pacific region, “Jaan Hai To Jahan Hai”, Svamitva scheme, integrated theatre command, India-Fiji MoU, “State of the Economy” 2021 Report, Moody’s GDP, Ambassador of Forest Frontline Heroes, My Joys and Sorrows – as a Mother of a Special Child book

Bulletins

  1. Ministry of Defence has signed a contract with Goa Shipyard Ltd for the construction of two Pollution Control Vessels (PCVs) for the Indian Coast Guard at a cost of about Rs 583 crore.
  2. India, Italy, and Japan have launched their trilateral partnership to create stability in the Indo-Pacific region.
  3. Ministry of Minority Affairs has launched a pan-India campaign “Jaan Hai To Jahan Hai” to tackle concerns and myths about the COVID-19 vaccine from June 21.
  4. Assam government has signed an MoU with the Survey of India for implementing the Svamitva scheme in the state.
  5. Central govt has created a high-level committee, that includes Vice Chiefs of the three armed services, the Chief of Integrated Defence Staff to the Chairman Chiefs of Staff Committee, and representatives Ministries such as Home Affairs, Finance and Law.
  6. India has signed an MoU with Fiji for cooperation in the field of agriculture and allied sectors.
  7. RBI has released the “State of the Economy” 2021 Report.
  8. Moody’s Investors Service has reduced India’s GDP growth projection to 9.6% for 2021 calendar year, from its earlier estimate of 13.9%.
  9. WWF India has appointed Upasana Kamineni (Director of Apollo Hospitals) as the “Ambassador of Forest Frontline Heroes” with the aim to appreciate the efforts of frontline workers in hospitals and in the wildlife protection space.
  10. Union Health Minister Harsh Vardhan has launched Krishna Saksena’s book “My Joys and Sorrows – as a Mother of a Special Child”.
  11. Will Smith (American actor-rapper) has written his memoir titled as ‘Will’.

Table of Content

National News

  1. Ministry of Defence has signed a contract with Goa Shipyard Ltd for the construction of two Pollution Control Vessels (PCVs) for the Indian Coast Guard at a cost of about Rs 583 crore.
      • Currently, ICG has three PCVs in its fleet at Mumbai, Visakhapatnam, and Porbandar to carry out dedicated Pollution Surveillance, oil spill monitoring, or response operations in Indian EEZ and around islands.
  2. India, Italy, and Japan have launched their trilateral partnership to create stability in the Indo-Pacific region.
      • The partnership will aim to establish a rules-based international order based on the consent of all, not on the power of the few, in the Indo-Pacific region.
      • This is the second trilateral involving India and a European country.
      • Italy holds the Presidency of G20 in 2021.
      • India’s other trilateral partnerships for cooperation in Indo-Pacific region:
          • India-France-Australia
          • India-Japan-USA
          • India-Japan-Australia
          • India-Australia-Indonesia
          • India-Japan-Russia (with special focus on Russian Far-East).
  3. Ministry of Minority Affairs has launched a pan-India campaign “Jaan Hai To Jahan Hai” to tackle concerns and myths about the COVID-19 vaccine from June 21.
      • The campaign aims to create awareness about coronavirus vaccination and prevent apprehensions and rumours.

State News

  1. Assam government has signed an MoU with the Survey of India for implementing the Svamitva scheme in the state.
      • Svamitva scheme aims to provide an integrated property validation solution for rural areas. The scheme was launched in 2020.

Defence News

  1. Central govt has created a high-level committee, that includes Vice Chiefs of the three armed services, the Chief of Integrated Defence Staff to the Chairman Chiefs of Staff Committee, and representatives Ministries such as Home Affairs, Finance and Law.
      • Purpose – to examine the feasibility of creating integrated tri-service theatre commands and give recommendation.
      • At present, there are only two integrated tri-service theatre commands in India – Strategic Forces Command (for handline country’s nuclear assets) and Andaman and Nicobar Islands Command.
      • What is an integrated tri-service theatre command – It is an organization under which all three services – Army, Navy, and Air Force – operate on the command of one theatre commander.
          • Benefits – it reduces delay in the times of warfare and increases efficiency of armed forces. Integration and jointness of the three forces will avoid duplication of resources.
          • All the resources – from Army, Navy and Air Force – will be at the disposal of the commander. So that, he can use it efficiently in the times of emergency. All the forces will be able to use the resources of one another.
          • The integrated theatre commander will not be answerable to individual services.
          • The modus operandi of these theatre commands will be based on area.
More About the Theatre Commands:
• It will be the biggest reform in the Indian Army structure.
• The Shekatkar committee (in 2015) had recommended the creation of 3 integrated theatre commands - northern for the China border, western for the Pakistan border, and southern for the maritime role.
• In October 2020, the govt had announced to create five integrated theatre commands – China Specific Northern Command, Pakistan Specific Western Command, Peninsular Theatre Command, Air Defence Command, and Maritime Theatre Command – by 2022.
China Specific Northern Command – It will undertake all the defence related activities across the 3,488 kilometre long Line of Actual Control (LAC) on India-China border.
⚬ Area of operation - Karakoram Pass in Ladakh to the last outpost Kibithu in Arunachal Pradesh.
⚬ The HQ of this command could be Lucknow (expected).
• Pakistan Specific Western Command – It will undertake all the defence related activities across the Indo-Pakistan border from Indira Col on Saltoro Ridge in the Siachen Glacier region to the tip of Gujarat.
⚬ Its expected headquarter is likely to be in Jaipur.
• Peninsular Command – It will protect the peninsular region of India. Its headquarter is expected to be in Thiruvananthapuram, Kerala.
• Air Defence Command – It will protect and defend the entire airspace of India.
• Maritime Theatre Command – It will protect and defend the entire maritime space of Indian Ocean Region, and island territories of India.
⚬ Andaman and Nicobar Islands Command is expected to be merged with this.

Memorandum of Understanding

  1. India has signed an MoU with Fiji for cooperation in the field of agriculture and allied sectors.
      • From India, Union Minister for Agriculture & Farmers Welfare, Narendra Singh Tomar and from Fiji, Minister of Agriculture, Waterways & Environment, Dr Mahendra Reddy signed the MoU.
      • Areas of cooperation –
          • dairy industry,
          • rice industry,
          • Root crop diversification,
          • Water resources management,
          • Coconut industry development,
          • Food processing industry development,
          • Agriculture mechanization,
          • Horticulture industry development,
          • Agricultural research,
          • Animal husbandry,
          • Pest and disease,
          • Cultivation,
          • Value addition and marketing,
          • Post-harvest and milling,
          • Breeding and agronomy.
      • Under the MoU, a Joint Working Group will be established to set down procedures and plan and recommend programs of cooperation towards achieving its aims.
      • The Working Group will hold its meetings alternatively in India and Fiji once every 2 years.
      • The MoU will remain valid for a period of 5 years.
India signed fiji MoU

Banking & Economy

  1. RBI has released the “State of the Economy” 2021 Report. Highlights of the report:
Surplus Transfer to Govt:
India (RBI) was second only to Turkey in terms of reserves transferred to the government as a percentage of gross domestic product (GDP) for the fiscal year 2020-21 (FY21).
• In 2019-20 (FY20), the RBI stood fourth when ranked by the ratio of surplus as a percentage of GDP.
• For FY21, RBI transferred a Rs 99,122-crore surplus to the government, which is 73% higher than the Rs 57,128 crore paid out in 2019-20.
• The surplus constitutes just 0.44% of GDP in FY21.
• According to the report, seigniorage between 0.5% and 1% of GDP allows the central bank to conduct monetary policy with a fair degree of independence. Seigniorage is a term used to describe profits the government makes by printing currency.
State oof economy report
Foreign Exchange Reserve:
• The foreign exchange reserves of RBI can provide cover of less than 15 months against the projected imports for 2021-22.
• This is lower than for other major reserve holders — Switzerland (39 months), Japan (22 months), Russia (20 months), and China (16 months).
• Therefore, the report highlights that India’s forex reserve position can be deceptive.
• Another reason why India’s forex reserve position is deceptive is that India is a major FDI recipient and India’s net international investment position is -12.9% of GDP. This indicates the moment FDI investors withdraw their money from India, the forex reserves will run dry.
• This month, the level of foreign exchange reserves crossed $600 billion. With this development, India is the fifth-largest reserve-holding country in the world, the 12th-largest foreign holder of US Treasury securities and the 10th-largest in terms of gold reserves.
Other Economic Indicators:
• The second Covid wave can cause a loss of Rs 2 trillion from FY22 output.
• Other economic indicators such as GST collection was good. GST collected in May was Rs 1,02,709 crore, which was 65% higher than that in the same month last year[data for reference only].
Economic Indicators

GDP Forecasts

  1. Moody’s Investors Service has reduced India’s GDP growth projection to 9.6% for 2021 calendar year, from its earlier estimate of 13.9%.
      • 2022 Forecast – 7%
      • The forecasts were provided in the ‘Macroeconomics India: Economic shocks from second COVID wave will not be as severe as last year’s’ report.
      • According to NSO’s data, Indian economy contracted by 7.3% in 2020-21.

Appointments

  1. WWF India has appointed Upasana Kamineni (Director of Apollo Hospitals) as the “Ambassador of Forest Frontline Heroes” with the aim to appreciate the efforts of frontline workers in hospitals and in the wildlife protection space.

Miscellaneous

  1. Union Health Minister Harsh Vardhan has launched Krishna Saksena’s book “My Joys and Sorrows – as a Mother of a Special Child”.
  2. Will Smith (American actor-rapper) has written his memoir titled as ‘Will’.

Start Quiz of 23rd June 2021

Q.1) Which company has received a contract from Ministry of Defence for the construction of two Pollution Control Vessels (PCVs) for the Indian Coast Guard?
Q.2) With which European country has India formed a trilateral partnership to create stability in the Indo-Pacific region, along with Japan?
Q.3) How many integrated theatre commands are operating in India at present?
Q.4) With which country has India signed an MoU for cooperation in the field of agriculture and allied sectors?
Q.5) The surplus transfer by RBI to Central Govt in FY21 is equivalent to __ percent of GDP, as per RBI’s State of Economy report?
Q.6) What is the GDP forecast for India for 2021 by Moody’s?
Q.7) Which ministry has launched "Jaan Hai To Jahan Hai" to create awareness about coronavirus vaccination and prevent apprehensions and rumours?
Q.8) Which state has signed an MoU with the Survey of India for implementing the Svamitva scheme in the state?
Q.9) Who has been appointed as the “Ambassador of Forest Frontline Heroes” by WWF India?
Q.10) Who is the author of "My Joys and Sorrows – as a Mother of a Special Child"?
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About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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